Congress sends bipartisan, bicameral letter on FinCEN BOI reporting

House Financial Services Committee Chairman Patrick McHenry (R-NC), Sen. Sheldon Whitehouse (D-RI) and a bipartisan, bicameral group of lawmakers sent a letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) acting Director Himamauli Das regarding the Treasury Department’s Notice of Proposed Rulemaking on Beneficial Ownership Information Reporting Requirements. The lawmakers are demanding FinCEN amend the proposed rule to adhere to Congressional intent and ensure reporting companies cannot avoid transparency.